Big Rewinds From '05 PricesPosted on Friday, June 24th, 2011 at 2:20pm.
2916 Palm (5br/4ba, 3425 sq. ft.) is a home we've called "a splendid, higher-end Cape Cod in a nice, if B or B+, location."
At first it was offered in March at $3.6m, with the next-door lot (2912 Palm) included. The notion was that someone might knock down the rental home there and make it a yard for a double-lot "estate" on Palm. This was met by giggles and raspberries. Within 10 days, the Cape Cod alone was offered for $2.199m, which we considered a pretty nifty deal at the time.
Turned out, with a seller moving to take a new job elsewhere, the price kept pushing down and the property was marketed aggressively as a bargain to be had. In "Dealing on Palm," MBC noted the "aggressive push" to $2.099m. That price found a buyer, and the home has now closed for $2.075m. This closed price lines up pretty well with several comparable homes that sold recently:
- 2504 Pine (5br/5ba, 3600 sq. ft., 4480 sq. ft. lot) at $1.979m;
- 3212 Maple (5br/5ba, 3440 sq. ft., 4640 sq. ft. lot) at $2.100m; and
- 757 30th (5br/4ba, 3350 sq. ft., 4800 sq. ft. lot) at $2.125m.
Worth noting: 2916 Palm is one of 3 Cape Cods on the block built by a builder whose work often commands a premium. It's now the second to unload for a major discount after being purchased new.
The others on the block are 2701 Palm (5br/5ba, 3300 sq. ft.) and 2705 Palm (same size, but no info on Redfin), both of which sold new in June 2008. 2701 fetched the astonishing price of $2.749m, while 2705 went for $2.587, also pretty stunning. In 2009, the owners of 2705 needed to get out, and sold for $2.250m (-$337k/-13%). If you're at 2701 right now, what are you thinking about your present value?
2304 Poinsettia (5br/5ba, 3350 sq. ft.) is a 2002 build that, while somewhat familiar in design, is sharper than most spec builds of the early oughts and packs a few surprises.
MBC particularly liked the basement media room and one kid's bedroom upstairs that features windows on 3 sides, and is accessed by a little step-up to double doors. As we said in an open-house review, it seemed fitting "for a prince or princess."
This one was offered as a short sale here in 2011, but initially they were trying to recover as much value as they could.
2304 Poinsettia had sold new in July 2002 for $1.679m, and was resold in February 2005 for more than $600k on top of that, at $2.300m (+35% in 3 years... who said it was a bubble?).
Poinsettia began at $1.988m, trickled down to $1.880m and found a buyer. But what a deal that buyer cut: The sale price: $1.700m, pretty much back to the 2002 acquisition price, and a 26% markdown from the 2005 price.
As just one touchpoint, Poinsettia struck us as somewhat similar to 1812 Elm (4br/3ba, 3050 sq. ft.), an elegant custom build that is 300 sq. ft. smaller, which went for $1.8m in March, and $587/PSF compared to Poinsettia's $506/PSF.
Other interesting comparisons: 1809 Walnut (5br/5ba, 3125 sq. ft.) at $1.775m in January, and 2509 Palm (5br/5ba, 3150 sq. ft.) at $1.7m in March, both with substantially higher PPSFs ($540/PSF and $570/PSF).
In all, a pretty sharp deal at Poinsettia in a distress-sale situation, and quite a hit to the lenders.
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